There comes a time when homeowners want to remodel their properties for comfort ability or even to increase resale value. The main roadblock property owners struggle with overcoming is obtaining proper financing to fund their ideas.

At Oak Iron Construction, we believe every customer should have the opportunity to bring their dreams to life. This is why we offer various financing packages for our clients to choose from. Currently, we use RenoFi as our financing partner.

Renovation Programs

Larger Projects $75,001+: Renovation 2nd Mortgage

  • Loan Amounts up to $500,000, in 2nd mortgage position as an equity line (HELOC) or equity loan (HELOAN)
  • We lend up to 90% of the home’s after-renovation value (ARV). We review the plans and contract & appraise the house as it will be.
  • NO draws or multiple inspections, we fund the entire loan at closing
  • Funds in as little as 45 days

Smaller Projects $10,000- $75,000: Unsecured Home Improvement Loan (Pool Loan)

  • Great for smaller projects or to finance a portion of the project.
  • Funds in as little as 3-7 days
  • Unsecured = no appraisal
  • All that is needed to document the renovation is a signed contract/estimate
  • 10, 15, and 20 year terms available!

Simple Step-by-Step Process

  • Request the link to the application from your contractor.
  • Click the link and fill out the online application to check for pre-qualified offers.
  • You’ll see any lender(s) pre-qualified offers returned online.
  • Select and finalize the loan with the lender of your choice to receive funds in 3-7 days.
  • Pay for your project based on the agreement and terms set by your contractor.

Note: If not approved, you will be notified immediately via secure message. Please refer to the secure message from RenoFi for more information about the decision. If you were not approved, you can still provide an alternative form of payment.

Build an ADU & Receive a Grant for up to $40,000

California wants to help homeowners build an ADU on their property through the CalHFA ADU Grant Program. This program will provide qualified borrowers a grant of up to $40,000 on pre-development costs associated with the construction of an ADU.

The What & Why of an ADU

An ADU, or an accessory dwelling unit, is an extra housing unit built on a single-family residential lot. An ADU is also referred to by many as a granny flat, a casita, converted garage, backyard cottage, in-law unit, pool house or just a secondary unit. Families can use this extra unit as a separate property for family members (like a parent, grandparent, or even adult children). It can also be used as a rental unit to generate additional income, sometimes enough to cover mortgage payments. In fact, when done right, detached ADUs have the potential to increase the value of a property by 20-30% after completion.

California Housing Shortage

Now is the right time to take advantage of this incredible grant of up to $40,000 through CalHFA. With rents in California increasing at an average of 8.86% per year since 1980, adding an ADU could be the best investment a homeowner can make.

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